John L. Smith Reaches Bankruptcy Agreement In Fraud Probe

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John L. Smith Reaches Bankruptcy Agreement In Fraud Probe

Former Arkansas Razorbacks football coach John L. Smith reached a settlement with his bankruptcy trustee to return some of the money he gave away or received before he filed for Chapter 7.

Smith, his wife and children will return $165,000 in cash and $600,000 in property to settle the “fraudulent transfer” claims, according to Trustee John Lee of Siloam Springs.

Among other problems, Lee found that, between 2008 and 2012, Smith and his wife transferred $525,000 to Smith’s wife’s revocable trust. Also during that period Smith and his wife gave their children $120,000.

The Razorback Foundation and the University of Arkansas also paid Smith somewhere between $133,000 and $167,000 before he filed for bankruptcy.

Click here to read the rest of the story, from our partners at ArkansasBusiness.com